Exactly. Basically, for the same reason, the CM template is so popular. When I wrote about this before, hardcore players argued that the HL template takes about the same amount of time to play.
On Jebus, most games are decided in the first battle in the center, which happens around the middle of the 2nd day. There are cases where one player retreats to a corner, but they are rare.
Added 22 minutes ago
But if someone is afraid of morale, then they should moderate their ambitions and limit themselves to crypts on the first day, and start attacking gnomes on the second.
For example, taking the angel's lair on the 1st week (if the army is nearby) is the strongest move in that situation; refusing to do so is noobish, with or without morale. Morale doesn't reward this move; it can even make it a cause of defeat. This is the main complaint against it.
The only thing is that it's easier to play without it in the sense that you don't have to recalculate and be overly cautious, etc. I completely agree with Leader that this is a degradation; Vik's arguments about casual players are not convincing.
Many epic battles, such as Alik's "canned" battle or Old Man's water elementals, would not be possible if there were morale. And it is precisely these battles that require the most skill - when there is no morale, but there are many monsters.
If a similar battle were fought with morale, then there would be natural doubts - either the player is really skilled, or they were just lucky that morale didn't trigger. That is, there is no factor of repeatability of achievements, and as a result, no opportunity to learn from them.
In terms of battle technique, Tyraxor is a kind of flagship for VT - in skilled hands, he can break through huge hordes, but in unskilled hands, he quickly loses his army and starts waiting for behemoths. Perhaps the army that is most sensitive to the player's skill. Precisely because the game is played without morale - hitting the wolves is always the result of a player's mistake. If they played with morale, then playing as Tyrax would be like playing Russian roulette.